Slide 1: Third Quarter 2025 Earnings Call
THIRD QUARTER 2025 Earnings Call November 5, 2025 Q1’25 EARNINGS PRESENTATION
Slide 2: Safe Harbor and Non-GAAP Financial Measures
Safe Harbor and Non-GAAP Financial Measures Certain information discussed today constitutes forward-looking statements. Actual results could differ materially from those presented in the forward-looking statements as a result of many factors including general economic, weather, and regulatory condit
Slide 3: Speakers
Speakers BILL KRUEGER BRIAN VALENTINE MIKE HOELTER President and Chief Executive Vice President and Vice President, Corporate Executive Officer Chief Financial Officer Controller and Investor Relations Q3’25 EARNINGS PRESENTATION 3
Slide 4: Q3 '25 Highlights
Q3 '25 Highlights AGRIBUSINESS RENEWABLES •Wheat harvest completed with higher-than- •Continued efficient operations and strong expected volumes in both eastern and demand western grain belts •Completed acquisition of full ownership of •Record corn harvest delayed but underway the ethanol plants •Lo
Slide 5: Key Financial Data – Q3 '25
Key Financial Data – Q3 '25 $M, except per share Q3 '25 Q3 '24 YTD '25 YTD '24 Sales and Merchandising Revenues $ 2,678 $ 2,621 $ 8,473 $ 8,134 Gross Profit $ 171 $ 177 $ 482 $ 481 Pretax Income $ 26 $ 62 $ 54 $ 134 Pretax Income Attributable to ANDE1 $ 20 $ 38 $ 34 $ 86 Adjusted Pretax Income Attri
Slide 6: Cash and Liquidity
Cash and Liquidity HIGHLIGHTS Positive operating cash flows in 1 challenging markets during the quarter Readily marketable inventories (RMI) 2 continue to significantly exceed short-term debt Short-term debt increased as a result 3 of acquisitions 4 Capacity to fund future growth 1 Non-GAAP financia
Slide 7: Capital Spending and Long-term Debt
Capital Spending and Long-term Debt HIGHLIGHTS Capital investments include growth; 1 expect 2025 spend of ~$200M 2 Strong and flexible balance sheet Continued focus on long-term debt-to- 3 EBITDA2 ratio <2.5x; currently 2.0x 1 Measure derived from purchases of PPE, capitalized software, and investme
Slide 8: Agribusiness – Q3 '25 Highlights
Agribusiness – Q3 '25 Highlights HIGHLIGHTS Unaudited in $M Q3 '25 Q3 '24 YTD '25 YTD '24 Wheat harvest complete; expected Revenues $ 1,989 $ 1,876 $ 6,397 $ 6,047 1 record corn harvest underway but delayed Gross profit $ 127 $ 119 $ 378 $ 347 2 Limited demand continued; Pretax income $ 1 $ 23 $ 11
Slide 9: Renewables – Q3 '25 Highlights
Renewables – Q3 '25 Highlights HIGHLIGHTS Unaudited in $M Q3 '25 Q3 '24 YTD '25 YTD '24 Solid plant earnings on efficient 1 operations and benefit of 100% Revenues $ 689 $ 745 $ 2,076 $ 2,088 ownership of plants Gross profit $ 44 $ 58 $ 105 $ 134 Results include year-to-date 45Z 2 tax benefit, net o
Slide 10: Outlook
Outlook AGRIBUSINESS RENEWABLES •Assets well-positioned for large corn harvest •Margins should remain supportive on expected strong demand and large corn •Improved post-harvest fertilizer application harvest margins; volumes dependent on weather and farmer economics •Favorable biofuels policy landsc
Slide 11: Q&A Session
Q&A SESSION Q2’25 EARNINGS PRESENTATION 11
Slide 12: Thank You for Joining Us
THANK YOU FOR JOINING US. Our next earnings call is scheduled for February 18, 2026, at 8:30 AM ET Q3’25 EARNINGS PRESENTATION 12
Slide 13: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations Q3’25 EARNINGS PRESENTATION 13
Slide 14: Adjusted Net Income Attributable to The Andersons, Inc.
NON-GAAP RECONCILIATION Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) Three months ended September 30, Nine months ended September 30, ($000s, except per share data) 2025 2024 2025 2024 Net income $ 26,071 $ 51,461 $ 48,209 $ 116,596 Net income attributable to noncontrolling in
Slide 15: Quarter to Date Segment Data
NON-GAAP RECONCILIATION Quarter to Date Segment Data (Unaudited) Agribusiness Renewables Other Total ($000s) Three months ended September 30, 2025 Sales and merchandising revenues $ 1,988,907 $ 688,805 $ — $ 2,677,712 Gross profit 126,910 43,962 — 170,872 Operating, administrative and general expens
Slide 16: Year to Date Segment Data
NON-GAAP RECONCILIATION Year to Date Segment Data (Unaudited) Agribusiness Renewables Other Total (in thousands) Nine months ended September 30, 2025 Sales and merchandising revenues $ 6,397,021 $ 2,075,658 $ — $ 8,472,679 Gross profit 377,570 104,590 — 482,160 Operating, administrative and general
Slide 17: Quarter to Date EBITDA and Adjusted EBITDA
NON-GAAP RECONCILIATION Quarter to Date EBITDA and Adjusted EBITDA (Unaudited) (in thousands) Agribusiness Renewables Other Total Three months ended September 30, 2025 Net income (loss) $ 1,466 $ 43,487 $ (18,882) $ 26,071 Interest expense (income) 9,111 1,678 (311) 10,478 Tax provision — — (228) (2
Slide 18: Year to Date EBITDA and Adjusted EBITDA
NON-GAAP RECONCILIATION Year to Date EBITDA and Adjusted EBITDA (Unaudited) ($000s) Agribusiness Renewables Other Total Nine months ended September 30, 2025 Net income (loss) $ 10,689 $ 85,792 $ (48,272) $ 48,209 Interest expense (income) 33,268 3,101 (1,300) 35,069 Tax provision — — 5,682 5,682 Dep
Slide 19: Cash from Operations Before Working Capital Changes
NON-GAAP RECONCILIATION Cash from Operations Before Working Capital Changes (Unaudited) Three months ended September 30, Nine months ended September 30, ($000s, except per share data) 2025 2024 2025 2024 Cash provided by (used in) operating activities $ 233,882 $ (2,112) $ 183,183 $ 62,695 Changes i
Slide 20: Agribusiness Adjusted EBITDA
NON-GAAP RECONCILIATION Agribusiness Adjusted EBITDA (Unaudited) Twelve months ended December 31, Nine months ended September 30, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 127,728 $ 127,624 $ 107,939 $ 109,156 $ 10,689 Interest expense 28,035 49,838 42,458 30,911 33,268 Depreciation & amortizat
Slide 21: Renewables Adjusted EBITDA
NON-GAAP RECONCILIATION Renewables Adjusted EBITDA (Unaudited) Twelve months ended December 31, Nine months ended September 30, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 84,038 $ 114,984 $ 104,519 $ 139,760 $ 85,792 Interest expense 7,610 8,788 6,087 2,828 3,101 Depreciation & amortization 77,5